Gold slips, seen in tight range until Fed meeting – The Australian Financial Review

Gold eased back towards its lowest since mid-August as stock markets firmed and the greenback steadied, and after US payrolls data failed to provide clarity on the timing of a Federal Reserve rate hike.

Having failed to benefit from recent turmoil in stock markets after China devalued its currency last month, gold is now struggling to find direction outside of US monetary policy, analysts said.

Spot gold was down 0.3 per cent at $US1119.10 an ounce by 2.30pm New York time, while US gold futures for December delivery were down $US3 an ounce at $US1118.40 with activity subdued by the US Labor Day holiday.

“Gold didn’t do enough during the equity market turmoil in China, or the yuan devaluation in China. People were expecting it to go up and it didn’t, so they lost interest,” Citi analyst David Wilson said.